Florida Health Insurance Terms:
Define: "Disability Insurance"
What is "Disability Insurance and when do I qualify?": This is a form of insurance that provides a portion of income lost as the result of a total or partial disability caused by either an accident or an illness.
Individual disability insurance is truly a basic concept. It is an insurance product designed to replace anywhere from 45-60% of your gross income on a tax-free basis should a sickness or illness prevent you from earning an income in your occupation.
Every disability insurance policy from every insurance company is very different, this is not a product to simply shop for the most competitive rate. To buy the cheapest disability insurance policy on the market is to throw money away.
The odds of getting paid a monthly benefit under a cheap contract may be significantly lower than receiving benefits from a quality contract.
The Social Security and Supplemental Security Income disability programs are the largest of several Federal programs that provide assistance to people with disabilities. While these two programs are different in many ways, both are administered by the Social Security Administration and only individuals who have a disability and meet medical criteria may qualify for benefits under either program.
More on Disability Insurance: From US GOV"
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